The report is focused on comparing the two most popular stablecoins by market share - USDT issued by Tether and USDC issued by Circle - in terms of the magnitude of illicit activity associated with both stablecoins. USDT, known for its wide usage across various blockchain platforms, particularly the Tron
Automated KYC is one of today's biggest crypto security trends, and for good reason. By switching from manual to automatic know-your-customer (KYC) checks, companies in the cryptocurrency space can achieve better customer outcomes. They can also avoid expensive penalties for violating anti-money laundering (AML) regulations. If the concept
In 2023, the AMLBot investigation team detected that individuals failed to comprehend the potential consequences of disregarding basic safety guidelines. Unexpected sanctions exposure challenges can arise, as was the case when a client approached us with concerns about a frozen account linked to suspected sanctions. The Case A client contacted
Cryptocurrency regulations can be difficult to decipher, and AML compliance for peer-to-peer (P2P) exchanges is especially tricky. Regulatory agencies across the globe have implemented different standards for P2P platforms, and you might be tempted to ignore them and hope for the best. Unfortunately, giving in to that temptation could be
Over the 2023 outgoing year, the crypto asset sector experienced remarkable peaks, accompanied by significant troughs, such as the collapse of crypto firms, fraud, scams, and mishandling of customer funds. Although these issues are not inherent to the underlying crypto assets or blockchain technology, they underscore the importance of establishing
AMLBot is launching a new enhanced risk assessment algorithm to elevate financial security. In the swiftly changing financial tech world, AMLBot is trying to find more ways to spotlight the financial well-being of its clients. In this term, AMLBot is significantly jumping up in the financial defense game. We'
Creating effective AML policies for crypto startups may not be the most exciting part of opening a new business, but it's critical to your company's success. People often criticize crypto firms for operating outside of regulations. However, most legitimate crypto companies face similar requirements as other
In the fast-paced world of cryptocurrencies, where anonymity and cross-border transactions are prevalent, regulatory authorities have imposed stringent AML regulations to combat money laundering, terrorist financing, and other financial crimes. Licensed crypto businesses must undergo AML training at least once a year to ensure they understand and adhere to these
From multinational corporations to small startups, businesses across various industries are recognizing the potential of digital currencies. This paradigm shift has created a surge in demand for corporate accounts on cryptocurrency exchanges. Financial institutions, including crypto businesses, must adhere to stringent AML regulations to ensure the integrity of their operations.
Many business owners dread audits, and the unfamiliar territory of crypto compliance audits can seem even more intimidating. In many ways, crypto audits aren't all that different from traditional varieties. In simple terms, an outside party examines an organization's records to determine whether they meet regulatory
Introduction At AMLBot, we are proud of our continuous commitment to shaping a secure and compliant digital asset industry. As an active participant in industry developments through our official membership in INATBA, we recently contributed to a significant collaborative effort in response to a discussion paper initiated by the French
How to Open a Financial Institution Account at Binance If You Are a Crypto Business In the world of cryptocurrency and blockchain, ensuring compliance with Anti-Money Laundering (AML) regulations is crucial for businesses to maintain trust and transparency. Recently, our client, a company offering exchange and broker services that covers
Introduction In the ever-changing landscape of the blockchain and cryptocurrency space, staying ahead of the curve requires forging strong alliances and seeking opportunities for collaboration. Recognizing this, AMLBot is constantly striving to enhance its comprehensive compliance offerings aimed at protecting businesses and end users from potential risks and malicious elements.
Introduction At AMLBot, we are committed to building a transparent and secure crypto environment. Our services, ranging from Anti-Money Laundering (AML) checks for consumers, AML and Know Your Customer (KYC) for businesses, to assistance with recovering stolen crypto, are designed to enhance crypto compliance and protect against illicit activities. Since
Introduction With the application of the Markets in Crypto Assets (MiCA) on the horizon, the atmosphere within the crypto industry is rife with anticipation. This significant development has spurred far-reaching discussions among law firms, blockchain entities, and regulators, all eager to fully grasp the implications of this new legislation. At
At AMLBot, we constantly strive to connect with projects and policymakers in our industry, and we believe in helping to shape regulations that benefit all stakeholders in the crypto market. In this spirit, we were thrilled to participate in the Web3 Euro Summit 2023 - an invite-only two-day event dedicated
Organized crime's motivation is the money perpetrators stand to make out of it. By cutting their access to financial systems, crime rates can witness a steep decline. Regulators around the globe are constantly working on designing relevant legislation to prevent the flow of crime-related funds within their financial
Cryptocurrency is witnessing a massive increase in its usage owing to the novel benefits it brings like decentralization and more. Nevertheless, those wanting to use cryptocurrency may wonder how they remain secure despite utilizing decentralized networks like blockchains. While several aspects are at play, an important part of blockchain and
Financing criminal operations and laundering their proceeds are events that take place often despite legislation present to prevent their occurrences. Criminals are finding gaps left while securing financial systems, using them to move illegal funds through. The flow of such funds ultimately ruins the integrity of the systems and institutions
The financial industry is a heavily regulated with numerous laws governing its operations. Some regulations are designed to safeguard customer interests. In contrast, others are devised to keep tabs on the movement of funds to prevent illegal activities like money laundering, terror financing, and more. As stringent Anti-Money Laundering (AML)